Data Vantage | Zepto, Hive Health, Mayhem Studios and ANEXT Bank in focus
Edition #393, 25 July 2024
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Dear Reader,
India-based quick commerce unicorn Zepto received $470 million this week from StepStone Group, Nexus Venture Partners, Lightspeed Venture Partners, Lachy Groom, and other investors, raising its valuation to $3.4 billion.
The capital infusion is part of a $665 million Series F round announced last month that brought the company’s post-money valuation to $3.6 billion.
Founded by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, Zepto delivers everything from grocery and personal care items to electronic gadgets in a short time frame. It competes with Reliance-backed Dunzo, Swiggy’s Instamart, and Zomato-backed Blinkit in India’s fast-growing quick commerce market.
Top shareholders in Zepto
Data as of July 24. Source: DATA VANTAGE
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Bengaluru tops funding charts yet again
Bengaluru, Mumbai and Gurugram were the top destinations for startup investments in India in the second quarter of this year.
Bengaluru startups attracted $1.45 billion in private funding in Q2, up 24.5% from the previous quarter, according to India Deal Review: Q2 2024, the latest report from DealStreetAsia — DATA VANTAGE. Their counterparts in Mumbai garnered $1.20 billion, while those in Gurugram raked in $859.6 million.
Startup funding in India by city: Q2 2024
Among emerging cities in the country, Pune made a notable jump from eighth place in Q1 to the fourth spot in Q2, replacing the capital city of Delhi.
Pune-based startups amassed $488.9 million in Q2, up by a staggering 405% from the previous quarter. Meanwhile, Delhi slipped to the sixth spot despite its startup investments more than doubling in the second quarter.
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Other updates from DATA VANTAGE
Philippine digital health platform Hive Health has issued new shares to investors, including Gentree Fund, BEENEXT, and Y Combinator, as part of a pre-Series A round.
India-based mobile games developer Mayhem Studios received [redacted] this week from local gaming fund Lumikai and investment syndicate Gaingels.
Healthcare travel company HealthTrip, formerly known as Hospals, received [redacted] million from Dubai-based [redacted] this week.
The Gentle Group, which specialises in food solutions for people with swallowing difficulties, received another S$750k ($558.3k) from Heritas Capital this week.
Ant Group-backed digital lender ANEXT Bank’s losses widened by around 10% in the financial year ended December 31, 2023, while its revenue surged nearly 7x.
Wealthtech company Kristal.AI managed to curb its losses by 36% in the financial year ended December 31, 2023, while growing its revenue by 93.5%.
Hanwha-backed crypto data intelligence platform Xangle reported a 42% jump in losses in the financial year ended December 31, 2023, despite a 19% increase in revenue.
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